Policy: Transactional Authority
Date of Approval:
October 19, 2018
Purpose: The purpose of this policy is to provide for appropriate governance oversight by the Clemson University Board of Trustees (“Board”) by establishing prudent fiscal practices with respect to the approval of certain transactions. In exercising its governance oversight the Board governs by policy and sets appropriate limitations on its delegations of authority to the Administration. (Board Manual Chapters V and VI).
A. The following Transactions require the approval of the Board:
(1) Transactions with a Threshold of more than $5M;
(2) Transactions which have both (i) a Threshold of $1M or more and (ii) a duration of more than five (5) years; and
(3) Transactions which grant or approve commercial licenses for the use of Clemson University trademarks (a) to promote political or social campaigns or (b) with products comprising alcohol, tobacco, firearms, or gambling.
(1) “Threshold” is defined as the aggregate expected expenditure or income throughout the entire period of the contract.
(2) “Transaction” as defined in this policy includes agreements of all forms including procurements, where Clemson University is a party, but shall not include:
(a) Real property, capital projects, and employment contracts;
(b) Sponsored research grants, awards, and contracts; and
(c) Gift agreements.
(3) Existing Board approval requirements relating to real property, capital projects, naming opportunities, and employment are unaltered by this policy and continue to be governed by existing provisions of the Board Manual (Chapter VI) and its Appendix G (Compensation Committee) and related policies.
Responsible Office: Office of the Executive Secretary to the Board of Trustees